December 20, 2012 – California tax revenue has slipped further below goals set by Gov. Jerry Brown’s administration, according to a state report released Tuesday. As of the end of November, taxes were 3% short in the fiscal year that started in July, a gap of $936 million. A month before that, they were only 0.7% short. H.D. Palmer, a spokesman for Brown’s Department of Finance, said November was a particularly weak month because tax revenue related to Facebook stock came in earlier than expected. That boosted October taxes higher, while decreasing November revenue.
Link to California December Finance Bulletin: http://www.dof.ca.gov/finance_bulletins/2012/december/documents/Dec-12.pdf